Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 62.00 [5][4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of RMB 7.8-9.2 billion for 2025, representing a year-on-year increase of 1093%-1307%. The non-recurring profit is projected to be RMB 6.8-8.2 billion, an increase of 356%-450%, aligning with expectations due to industry demand recovery and market share expansion [1][2]. - The penetration rate of TRB bearings is anticipated to increase significantly, with projections of 50% in 2025, 80% in 2026, and 90% in 2027 for onshore wind turbines. The company is leveraging its technological advantages and increasing production capacity to support this growth [2][3]. - The company is actively expanding into the gearbox bearing market, which has a low domestic production rate. It has completed prototype validations and small-scale supplies to several gearbox manufacturers, with expectations for large-scale supply in 2026 [3]. Summary by Sections Performance Forecast - The company expects to see a continuous increase in TRB main bearing penetration and market share, leading to an upward revision of revenue forecasts for 2026-2027. The projected net profits for 2025, 2026, and 2027 are RMB 8.77 billion, RMB 12.82 billion, and RMB 14.99 billion, respectively, with corresponding EPS of RMB 2.12, RMB 3.10, and RMB 3.62 [4][8]. Valuation - The report assigns a P/E ratio of 20x for 2026, resulting in a target price of RMB 62, reflecting the company's significant first-mover advantage in TRB bearings and leading position in gearbox bearing domestic substitution [4][5].